Austria's 2023 GDP decline revised to 1 per cent

Vienna, Sep 30 Austria's gross domestic product (GDP) contraction for 2023 has been revised to 1 per cent in real terms from the previously estimated 0.8 per cent in February, Statistics Austria said on Monday.

Director General of Statistics Austria Tobias Thomas said in a statement that the manufacturing and trade sectors were affected particularly hard.

In 2023, Austria's manufacturing sector, including industry and construction, experienced a 2.4-per cent year-on-year decline in real terms, while the trade sector's output decreased by 5.7 per cent. However, the service sectors, such as accommodation and catering services, registered growth.

Meanwhile, consumer spending by private households fell by 0.7 per cent in real terms, Xinhua news agency reported.

The country also experienced a decline in its foreign trade, with imports falling by 4.6 per cent and exports by 0.4 per cent in real terms.

Austria's GDP has contracted for five consecutive quarters, from the second quarter (Q2) of 2023 to Q2 this year, indicating that the country remains in a recession, according to data published by Statistics Austria in early September.

Earlier this month, the Austrian National Bank forecast a 0.7 per cent decline in the country's GDP for this year, citing a continued industrial recession and weak consumer spending.

--IANS

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